Here is the 3rd quarter earnings release from Hearx Ltd:
WEST PALM BEACH, Fla.--Oct 28, 1997--(BW HealthWire)--HEARx,
Ltd. (AMEX: EAR), today announced that third quarter results were
consistent with management's expectations. Revenues for the most
recent quarter, which ended September 26, 1997, increased
approximately 25% to $5,744,926 from $4,601,286 for the same quarter
of 1996. At the same time, Paul A. Brown, M.D., HEARx's founder and
chairman, pointed out that the Company's net loss increased about 9%
to $2,648,497 from $2,437,059 in the same quarter in 1996. Dr.
Brown attributed the increase in the net loss to additional
advertising expenses of $565,000 in the quarter expended for a
consumer-marketing program including direct mail and telemarketing.
Following the close of the third quarter, revenues increased to
approximately $2.5 million for the month of October, which was the
highest four-week total in the Company's history (compared to
approximately $1.9 million in the previous high month of February,
1997).
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*T
Three Months Ended Nine Months Ended
(Unaudited) (Unaudited)
Sept. 26, Sept. 26, Sept. 26, Sept. 26,
1997 1996 1997 1996
Revenues $5,744,926 $4,601,286 $17,347,775 $13,564,269
Operating Income
(Loss) $(2,499,528) $(2,011,716) $(6,205,403) $(4,455,136)
Dividends on
Preferred Stock
Deemed Dividend -- -- (1,500,000) (9,000,000)
Dividends (148,969) (425,343) (385,026) (626,048)
Total Dividends $(148,969) $(425,343) $(1,885,026) $(9,626,048)
Net Income
(Loss) $(2,648,497) $(2,437,059) $(8,090,429) $(14,081,184)
Net Income
(Loss) Per
Common Share $(0.03) $(0.04) $(0.09) $(0.22)
Weighted average
number of shares
of common stock
outstanding 92,008,677 68,455,023 89,966,181 62,694,003
*T
HEARx is the largest audiology-based professional hearing care
network in the U.S. It operates 74 company-owned centers in the
$2 billion U.S. hearing services industry. Centers are located in
Connecticut, Florida, New Jersey, New York, Pennsylvania and
Virginia. The company provides hearing care primarily to patients
whose health insurance and managed care organizations have contracted
with HEARx.
CONTACT:
Paul A. Brown, M.D.
Chairman of the Board
(561) 478-8770 Ext. 123
or
Weber/RBB
Jean Woodcock/Sandy Baksys
(305) 448-7450
KEYWORD: FLORIDA
BW0261 OCT 28,1997
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